Vincent, How Can I Modify My Own Loan?

You can call up your bank and ask them to re-establish the loan. You may be permitted to reinstate or make the loan up to date by paying a lump sum or making scheduled payments to your lender over a given amount of time. Just put in plain words to them you had a small number of troublesome months and things are now well again and most lenders will try to work something out with you.

Here is an example:

John Doe falls in arrears 3 payments on his house. He pays $3000 a month for a mortgage payment. Then we add on $1000 in late fees. Mr. Doe is in debt a total of $10,000 to re-establish the loan. He sells a lot of his personal possessions for $10,000. So he pays the bank, and they say "Thank You", and Mr. Doe proceeds to make his usual monthly mortgage expense.

The NOD (Notice of Default) is disregarded, the house is brought out of foreclosure, and one and all are happy. Nevertheless, John's credit was, in spite of everything, hit with the NOD which will hurt a little.

By using a professional he may have been able to negotiate better terms for himself. As in my previous posts - I can't stress this enough! - If you'd like me to guide you in the right direction direction then email me directly at ProRealtor@verizon.net

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